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morpeh [17]
3 years ago
7

3. A worker within the middle income class is preparing to retire. In the year before he retired, his gross monthly earnings are

$2,000. His Social Security benefits will be $1,200 per month. Before he retired, his income was subject to a tax of 25 percent. Find his before-tax and after-tax replacement rates
Business
1 answer:
snow_tiger [21]3 years ago
7 0

Answer:

The replacement rate is the percentage of the final income that the pension compensates.

Before-tax replacement rate:

The worker made $2,000, and his social security benefits are $1,200.

1,200 x 100% / 2,000 = 60%

The before-tax replacement rate is 60%.

After-tax replacement rate:

His 2,000 income was subject to a 25% tax.

2,000 x 25% = 500

His after-tax income was 1,500

1,200 x 100% / 1,500 = 80%

The after-tax replacement rate is 80%.

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3 years ago
State income taxes paid$2,000 Mortgage interest on her personal residence9,000 Points paid on purchase of her personal residence
bija089 [108]

Answer:

The amount Jordan may claim as itemized deductions on her current-year income tax return is $12,900.

Therefore, the correct answer is b.$12,900.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

Jordan Johnson is single and has adjusted gross income of $50,000 in the current year. Additional information is as follows:

State income taxes paid $2,000

Mortgage interest on her personal residence 9,000

Points paid on purchase of her personal residence 1,000

Deductible contributions to her IRA 3,000

Uninsured realized casualty loss (in a Federal disaster area) 6,000

Tax preparation fees for her prior year income tax return 400

What amount may Jordan claim as itemized deductions on her current-year income tax return?

a.$12,000

b.$12,900

c.$13,300

d.$15,900

b. $12,900.

Explanation of the answer is now given as follows:

The allowable deduction for personal casualty loss that occurs in a Federal disaster area has a limit to the amount by which it is higher than $100 floor and 10% of AGI which is calculated as follows:

Uninsured realized casualty loss (in a Federal disaster area) - $100 = $6,000 - $100 = $5,900

Deductible uninsured realized personal casualty loss (in a Federal disaster area) = $5,900 - ($50,000 * 10%) = $900

Therefore, we have:

Itemized deductions for the current year = State income taxes paid + Mortgage interest on her personal residence + Points paid on purchase of her personal residence + Deductible uninsured realized personal casualty loss (in a Federal disaster area) = $2,000 + $9,000 + $1,000 + $900 = $12,900

Therefore, the amount Jordan may claim as itemized deductions on her current-year income tax return is $12,900.

The correct answer is b.$12,900.

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2 years ago
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Answer:

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3 years ago
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